1. $FB jumped over it's 10 day and 50 day SMA today on a very high volume.
2. The volume was higher than any down day volume in last 10 days.
3. It also cleared an important resistance level marked in red.
I would go long if it stays above this resistance level tomorrow and put a stop just below the green resistance line.
This is the third attempt to break through $34 price, this time in conjunction with an increased volume. The technical indicators point towards oversold however so I am a little bit neutral. I will be bullish once there is a clear break of the $34 resistance line.
Just a note before you read my analysis: I am fairly new to technical analysis and in the learning phase, would appreciate if you could point out my mistakes!
In the chart above, I took a look at the bigger picture to start with which was a weekly view, I determined the uptrend that started in Feb 2014, Then I turned to the daily chart and used Fibonacci...